Bob Church is a Deal Guide with Private Equity Primer and an experienced hand at diligence having worked in commercial diligence, FP&A, private equity, and forensic accounting. He is quantitatively strong and a pro at PowerBI. We sat down with Bob to hear about his career.

What did you wish you knew earlier in your career?

Early in my career, I was focused on building technical proficiency, especially in forensic accounting and financial analysis. These skills were critical for understanding the financial health of a business and identifying red flags. However, as I gained more experience in mergers and acquisitions (M&A) and private equity (PE), I realized that technical skills are just the foundation. Success in this industry requires much more—particularly when it comes to communication, context, and trusting your instincts. Over time, I’ve learned that while the numbers matter, the human side of deal-making, the broader business context, and the ability to see beyond the data are what truly differentiate a successful professional.

Early on, I underestimated the importance of soft skills early in my career. Being technically proficient is essential, but it’s not enough to stand out. Communication, negotiation, and relationship-building are what drive deals forward. At the end of the day, every deal involves people—whether you’re negotiating terms, aligning with management teams, or collaborating with colleagues. Strong interpersonal skills can accelerate your career in ways that technical abilities alone cannot.

As I advanced in my career, I came to appreciate the power of asking the right questions. In forensic accounting, it’s easy to assume that numbers tell the whole story, but that’s rarely the case. Asking the right, sometimes difficult, questions can uncover deeper issues that financial statements alone won’t reveal. It’s not just about understanding what the numbers say but digging into why they look that way. These questions can uncover hidden risks or opportunities that others might overlook.

I also realized that context matters as much as financials. Understanding the external environment—industry trends, market conditions, competitive pressures—is equally crucial to the internal reporting. The context around a business provides a strategic lens through which to assess opportunities and risks. This broader view ensures a more complete understanding of how a business operates and where it’s headed.

Perhaps one of the most valuable lessons I’ve learned is to trust your instincts. Early in your career, it’s easy to defer to more senior colleagues. However, as the more junior team member, you’re often closest to the details, and your instincts can be incredibly valuable. If something doesn’t feel right, dig deeper. Combining intuition with analytical skills is a powerful tool in deal-making and can make the difference between uncovering a problem early or missing a critical detail.

Finally, I used to view the deal closing as the finish line. But I quickly learned that the deal isn’t over after closing—that’s when the real work begins. Post-transaction integration, alignment with strategic goals, and operational improvements are where value is truly created. I now place far more emphasis on ensuring that the deal structure supports long-term success beyond the closing table.

How has your background in forensic accounting influenced how you think about due diligence?

Being a forensic accountant has made me a professional skeptic.  In due diligence, this is an asset. Forensic accounting instills a mindset of healthy skepticism. Rather than accepting reported figures at face value, I dig deeper to uncover patterns, outliers, and inconsistencies that could point to underlying issues—such as revenue recognition problems, improper expense allocation, or unrecorded liabilities. This skeptical approach helps identify key risks and areas to prioritize during the diligence process.

It also helped teach me to follow the cash. While due diligence focuses on income statements and balance sheets, forensic accounting emphasizes cash flow analysis. It’s not just about what’s on the books but what cash is actually moving, and where. Companies can manipulate earnings with accruals, but it’s much harder to fake cash flow. I analyze the financials not only from a GAAP perspective but also in terms of their impact on the company’s cash flow.

To follow the cash you really need to have a foundational understanding of operations. By thoroughly understanding operational reports—such as production metrics or sales KPIs—I can tie operational performance to financial outcomes. For example, a manufacturing inefficiency may manifest as margin compression or slowing sales pipeline conversion rates may be an early indication that the year’s revenue target may be at risk. This operational-financial linkage provides a foundational understanding of how the business truly works and ensures I can assess the sustainability of financial results.

If you can really understand the business operations and in doing so follow the cask you can more easily spot red flags that could pose risks, or opportunities, post-transaction. For example, underutilized assets might present opportunities for margin expansion, while bottlenecks in production or labor shortages could signal risk. Identifying these factors helps provide a clearer picture of where value can be unlocked and where hidden risks might exist, influencing both the purchase price and post-deal strategy.

Life is messy, deals are messy, and when you need a forensic accountant, you know the GL is  going to be really messy.  This helped make me get comfortable with the unquantifiable. Forensic accountants often work with incomplete or manipulated data, and this experience is valuable in due diligence, where timelines are tight, and information is often imperfect. My background has made me comfortable working with these unknowns, helping to quantify and assess potential risks even when the data is incomplete, allowing us to make more informed decisions under uncertainty.

What advice do you have for your fellow accountants who want to make the jump to PE like you did?

Making the jump from accounting to private equity is a significant shift, but it’s a path that many accountants can excel in, especially with a background in forensic accounting or financial analysis. Here’s my advice for those looking to make the transition:

First, develop a strategic mindset.  In accounting, the focus is often on reporting, compliance, and ensuring accuracy. In private equity, the emphasis shifts to value creation and long-term growth. You need to think beyond the numbers and focus on understanding how a business operates, what drives profitability, and where opportunities for improvement exist. Learn to think like an investor by assessing risk, identifying growth levers, and seeing the bigger strategic picture.

Master financial modeling and valuation. While accountants are adept at reviewing financial statements, private equity demands deeper financial analysis and advanced modeling skills. You’ll need to build and understand dynamic financial models that project future cash flows, evaluate different scenarios, and calculate returns. Practice and get comfortable building forecast models (both operational and financial), as these are critical tools in PE.

Understand the private equity process: PE isn’t just about financial analysis—it’s about the entire investment lifecycle. This includes deal sourcing, investment thesis development, due diligence, closing deals, post-deal integration, and eventually, exiting the investment. Familiarize yourself with each stage of the process and how your accounting skills can contribute at every step, from evaluating a target company’s financials to post-acquisition value creation.

Highlight your forensic accounting skills: If you have a background in forensic accounting, leverage it as a key differentiator. Private equity firms highly value professionals who can dive into the details and ensure that the financials accurately reflect the reality of the business’s operations. Your ability to connect operational activities with financial outcomes allows you to uncover discrepancies or hidden risks opportunities.

Be patient and persistent. Private equity is a competitive field, and the transition may take time. Don’t be discouraged by setbacks or initial rejections. Continue to refine your skills, grow your network, and stay focused on your goal. Being prepared to take an interim role—such as working in transaction services, corporate development, or investment banking—can also provide a stepping stone into private equity.